Leading global technology company Mastercard believes that generative AI will revolutionize customer relationships and personalization. In a recent interview, CEO Ori Bauer of Dynamic Yield by Mastercard discussed how AI solutions like generative AI can enable retailers to deliver highly customized customer service on a large scale.
Generative AI technology has the potential to transform the way retailers offer personalized experiences to customers. By leveraging this technology, retailers can create more consumer-centric commerce. An excellent example of generative AI in action is the creation of chatbots that customers can interact with in natural language, enhancing the overall shopping experience.
Imagine receiving an invitation to a wedding with a dress code specified as beach formal. Many people might be unsure about what this means in terms of attire. In a physical store, you could consult an assistant for guidance. With generative AI, you can communicate with a chatbot, informing it about the dress code, and it will provide relevant outfit options tailored to your needs.
However, it is essential for retailers to implement generative AI thoughtfully. Relying solely on AI to run the show may result in incorrect answers or actions that don’t align with the intended purpose. Mastercard believes in using a combination of AI technologies while keeping control in the hands of marketers. Marketers can define how a shopping chatbot behaves and set boundaries, such as limiting the suggestions to products available in the catalog.
The role of algorithms in delivering an omnichannel customer experience is evolving. Algorithms can play a crucial role in recommending relevant products to consumers based on various factors. For example, if a customer shares their location, an algorithm can suggest popular products specific to that area. As the customer’s purchase journey progresses, different algorithms can become more relevant.
However, sometimes the marketing department may have specific requirements or intentions, such as increasing customer awareness of a new clothing line. In such cases, human control of algorithms is necessary to ensure that the desired results are achieved. This partnership between humans and AI is crucial for optimizing algorithm performance and delivering the best outcomes.
Generative AI also opens up opportunities for retailers to be empathetic toward consumers at scale. Traditionally, retailers focused on transactions and engagement, pushing customers to make purchases. With AI, retailers can now prioritize empathy. For instance, if a shopper arrives at an e-commerce site after searching for a specific item, the AI system might recognize the need to provide minimal interruption and guide them directly to the shopping cart. It may even offer a few additional suggestions for the shopper’s convenience.
Another example is when a customer selects a pair of jeans. A generative AI shopping assistant can intelligently recommend a matching pair of shoes, helping the shopper achieve their goals more efficiently.
Overall, generative AI has the potential to revolutionize customer relationships, personalization, and the way retailers deliver exceptional experiences. By leveraging these advanced AI technologies, retailers can enhance customer satisfaction, increase engagement, and drive sales growth. As technology continues to evolve, retailers have the opportunity to build truly individualized shopping experiences that meet the unique needs and preferences of each customer. Mastercard stands at the forefront of this transformative wave, enabling retailers to harness the power of generative AI for the benefit of both their businesses and their customers.
